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Cryptocurrency is a form of digital currency that is independent of any centralized bank. It is an encrypted code that can be transferred digitally using devices such as smartphones. Transactions using this currency are secure and easy unlike traditional card and cash purchases and do not require repetitive authentication. Most vendors and consumers are adopting cryptocurrency owing to the ease of transaction, which is one of the prime drivers for the cryptocurrency market.

The encrypted code assigned for the stores can be scanned through smartphones and cryptocurrency can be transferred from the digital wallet of a purchaser to the digital wallet of the storekeeper. Unlike card transactions, these transactions do not incur service charges from the bank and are instant.

Covered in this reportThe report covers the present scenario and the growth prospects of the global cryptocurrency market in terms of volume for 2016-2020. To calculate the total market capitalization, the report considers market capitalization of all cryptocurrencies present in the market.

The market is divided into the following segments based on geography:- Americas- APAC- EMEA

The report, Global Cryptocurrency Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Market trends- Rival to banks- For a full, detailed list, view the full report

Key questions answered in this report- What will the market size be in 2020 and what will the growth rate be?- What are the key market trends?- What is driving this market?- What are the challenges to market growth?- Who are the key vendors in this market space?- What are the market opportunities and threats faced by the key vendors?- What are the strengths and weaknesses of the key vendors?

Exhibit 01: Global cryptocurrency market capitalization 2013-2015 ($ billions)Exhibit 02: Volume forecast of Bitcoins July 2013 to October 2020 (millions of coins)Exhibit 03: Volume forecast of Litecoin July 2013 to October 2020 (millions of coins)Exhibit 04: Volume forecast of Peercoin July 2013 to October 2020 (millions)Exhibit 05: Volume forecast of Namecoin July 2013 to October 2020 (millions of coins)Exhibit 06: Volume forecast of Novacoin July 2013 to October 2020 (millions of coins)Exhibit 07: Five forces analysisExhibit 08: Segmentation of global cryptocurrency market by region 2015Exhibit 09: Impact of driversExhibit 10: Impact of drivers and challengesExhibit 11: Market share of cryptocurrencies as of October 2015Exhibit 12: Prominent cryptocurrencies in the last 10 quarters

Commenting on the report, an analyst from the research team said: “Banks have the potential to obstruct the trade between cryptocurrency and the national currency, but cannot completely inhibit its growth. Charlie Shrem, a Bitcoin advocate and a member of the Bitcoin Foundation, was prohibited from dealing with any leading banks. The banks stated that Charlie Shrem is a competitor for them and a threat to their business. The rivalry between banks and cryptocurrency is anticipated to grow during the forecast period.”

According to the report, cryptocurrency can be transferred from one device to another in the form of a digitally encrypted code. This secures the transactions to a great extent and checks for multiple transactions. The transactions are simpler and safe because smartphones and other prevalent electronic devices can be used for them.

Further, the report states that cryptocurrency has attributes that can aid illegal businesses online.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.